IPCA Laboratories Limited — Investor Meet, 02-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Ipca Laboratories posted 12% domestic growth in FY25, outperforming market segments and gaining 0.09% market share to 2.07%. Export formulations grew ~10%, led by 15% generic growth; API business edged up 2%. EBITDA margins improved significantly: standalone at 22.66%, consolidated at 18.94%. Unichem grew 18% with margin expansion to 12.55%. The U.S. business contributed ~INR65 Cr, with 6-7 new product launches planned in FY26. Capex of ~INR400 Cr targets new plants, including monoclonal antibodies. FY26 growth outlook: 8-10% overall, driven by domestic (~12%), exports (10-11%), and API volume/price growth of 6-7%. Marketing will scale with 400-500 new reps, enhancing productivity by ~8% over 3-4 years.